Second Billion Dollar Credit Union Signs Repo Remarketing Agreement with TitleAuctions

PORTLAND, OR — TitleAuctions, Inc. announced it has signed service agreements with two billion dollar credit unions for the remarketing of repossessed collateral. Both Texans Credit Union ($1.46 billion, 152,000 members) and VyStar Credit Union ($2.9 billion, 335,000 members) have signed up to remarket portions of their repossessed portfolios on CUAuctions.com.

by Staff

October 6, 2005

1 min to read

PORTLAND, OR — TitleAuctions, Inc. announced it has signed service agreements with two billion dollar credit unions for the remarketing of repossessed collateral. Both Texans Credit Union ($1.46 billion, 152,000 members) and VyStar Credit Union ($2.9 billion, 335,000 members) have signed up to remarket portions of their repossessed portfolios on www.CUAuctions.com.

Among the unique features of the CUAuctions.com Internet venue is the ability for credit unions to present their own vehicles for sale to their own members on their own Web site. In addition, inventory is also presented on www.CUAuctions.com, and then marketed to consumers at large through search engines, such as Google, MSN, Yahoo!, and more, delivering more exposure for subscribing credit unions. Credit unions can also remarket repos to their auto dealer partners in a closed private auction environment.

Jack Stone, Operations Director at VyStar Credit Union in Jacksonville, Florida states, "The program is working well for us. We auction off some of our premium condition repos to our members, and are earning higher prices as a result."

Topics:Operations